Increasing employee loyalty, a free service
As a free service to firms I work with, I teach employees how they can better use their existing benefits. Employers love this because it helps keep turnover costs down by increasing employee loyalty up. Employees love it because now they are getting expert personalized guidance on their retirement plan with a quality that far exceeds what is offered with the current plan's "1 800" number. Think of it... a real expert person.
I have seen literally thousands of client’s 401k accounts and how often do you think they are mismanaged? Almost always. I educate employees on a typical scenario something, here is a list of fictitious funds on a client account, to illustrate the point
XYZ lifecycle fund 2030 25%
XYZ lifecycle fund 2040 25%
XYZ SP 500 index fund 25%
XYZ Large Cap value fund 25%
Total 100%
First of all hats off to the client for their efforts, but there is a much more profitable way of doing things. A life cycle fund is set up to be the only fund in your account and the number 20xx refers to the year you retire, automatically calculated to be the year that you turn 65. They are there for people who are content to just set it and forget it and take whatever they are given. You can do so much better and my job is to help you.